Brickability has acquired Bathroom Barn for £645,000.
Bathroom Barn is a West Midlands based supplier of radiator valves, elements and traditional valves to distributors and retailers. Following the transaction, the company will be integrated into the Towelrads business.
In the year ended 31 March 2020 Bathroom Barn reported a net income of c.£215,000 on revenues of c.£1.1 million.
The purchase price is to be divided into an initial £322,500?payment,?followed by another payment of £322,500?split?in three equal tranches payable?in cash over the next three years. The acquisition will be funded from the Group's existing resources and is expected to generate earnings immediately after completion.
Alan Simpson, CEO, Brickability Group plc, said: “Bathroom Barn is a perfect partner for our highly successful Towelrads business and adds significantly to our product offering in this area.”